On Feb. 18, 2025, SK NPS reiterated the upper and lower limits of standard monthly income for national pension will be adjusted respectively to KRW 6.37mn, KRW 400k.
The limits will be applied from Jul. 1, 2025 until Jun. 30, 2026; for subscribers who filed their monthly income as less than KRW 400k and more than KRW 6.37mn, the standard monthly income will be determined respectively at KRW 400k, KRW 6.37mn.
For the current subscribers whose standard monthly income is less than KRW 400k or more than KRW 6.37mn, the upper and lower limits will be also adjusted from Jul. 1, 2025; individuals affected will be notified at end of Jun. 2025 by mail or electronically.
On Jan. 9, SK MOHW decided on the national pension amount in 2025.
SK MOHW decided to raise the national pension amount, adjust upper and lower limits of standard monthly income at 1st National Pension Deliberation Committee meeting.
Follows SK MOHW Nov. 2022 published revisions to notification, see #154608.
Meeting Highlights
From Jan. 2025, national pension amount will increase by 2.3% for 6.92mn recipients.
Basic pension amount will raise to KRW 342,510 in 2025, from KRW 334,810 in 2024.
SK MOHW decided on the re-evaluation rate required to calculate the amount of benefits for new recipients in 2025, which converts income during the past subscription period into the present value at the time when the national pension receipt begins.
In addition, SK MOHW adjusted the upper limit of the standard monthly income for 2025 to KRW 6.37mn from KRW 6.17mn, lower limit to KRW 400k from KRW 390k.
Future Plan
SK MOHW will revise the Public notification on national pension re-evaluation rate and pension amount adjustment and Public notification on the lower and upper limits of the standard monthly income for national pension, to reflect the aforementioned decisions.
The changes to re-evaluation rate and pension amount will be applied to pensions paid in Jan. 2025, while the adjusted upper and lower limits will be applied from Jul. 2025.
The public notification re basic pension amount will be revised in Jan. 2025.
On Jan. 10, 2025, SK MOHW issued 2025 work plan with 4 directions, see #239924.
On Jan. 10, 2025, SK NPS proposed revisions re 2025 pension amount, see #239937.
Jan. 13, 2025 SK NPS Public Notification
On Jan. 13, 2025, SK MOHW revised the Public notice on standard amount for selecting basic pension recipients, standard pension and recognized income amounts.
The public notification sets the standard pension amount for 2025 at KRW 342,510.
Plus, SK NPS informed that 7.04mn national pension recipients would see a 2.3% raise in their pension, which reflects the national consumer price fluctuation rate in 2024.
Feb. 4, 2025 Upper and Lower Limits
On Feb. 4, 2025, SK MOHW revised the Public notification to raise the lower limit of the standard monthly income for national pension in 2025 to KRW 400k from KRW 390k.
Plus, to increase the upper limit to KRW 6.37mn from KRW 6.17mn; the revised limits will be applied from Jul. 2025 until Jun. 2026, the notice will be valid from Jul. 1, 2025.
Feb. 18, 2025 SK NPS Update
On Feb. 18, 2025, SK NPS reiterated the upper and lower limits of standard monthly income for national pension will be adjusted respectively to KRW 6.37mn, KRW 400k.
The limits will be applied from Jul. 1, 2025 until Jun. 30, 2026; for subscribers who filed their monthly income as less than KRW 400k and more than KRW 6.37mn, the standard monthly income will be determined respectively at KRW 400k, KRW 6.37mn.
For the current subscribers whose standard monthly income is less than KRW 400k or more than KRW 6.37mn, the upper and lower limits will be also adjusted from Jul. 1, 2025; individuals affected will be notified at end of Jun. 2025 by mail or electronically.
Regulators
SK MOHW; SK NPS
Entity Types
CNSM; Pension
Reference
PR 2/18/2025; RF, Nt 2025-24, PR, 2/4/2025; RF, Nt 2025-4, PR, 1/13/2025; Dec, Mt, PR, 1/9/2025; Nt 2024-6, 1/23/2024;
